PrepareE3-10 The income statement of Bjorn ASA for the month of July shows net income of Prepare correct income€1,500 based on Service Revenue €5,500, Salaries and Wages Expense €2,300, Supplies statement.Expense €1,200, and Utilities Expense €500. In reviewing the statement, you discover the (LO 2, 5, 6, 7)following.1. Insurance expired during July of €400 was omitted.2. Supplies expense includes €300 of supplies that are still on hand at July 31.3. Depreciation on equipment of €150 was omitted.4. Accrued but unpaid salaries and wages at July 31 of €280 were not included.5. Services performed but unrecorded totaled €920.InstructionsPrepáre a correct statement for July 2017.Windows bu21 1017

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Answered: Prepare E3-10 The income statement of…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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The following revenue and expense account balances were taken from the Income Statement columns of the end-of-period spreadsheet for Fraser Services Co. for Dec Depreciation Expense $4,950 Insurance Expense 2,900 Miscellaneous Expense 1,200 Rent Expense 24,000 Service Revenue 92,500 Supplies Expense 3,150 Utilities Expense 5,000 Wages Expense 63,750 Prepare an income statement. Fraser Services Co. Income Statement For the Year Ended December 31 Operating Expenses: Total Operating Expenses
a. Prepare the necessary adjusting entries as of December 31, 2014. b. Prepare the appropriate reversing entries as of January 1, 2015
Below are accounts were taken from the books of Enrique Hill Cross School Security Services for April. Given the following data. School Security Income P 380, 000.00 Salaries Expense P 55, 000.00 Rent Expense P 18, 000.00 Utility Expense P 12, 000.00 Supplies Expense P 10, 000.00 Accounts Payable P 25, 000.00 How much is the net loss/net profit of Enrique Hill Cross School Security Services for the month of April? Оа. Р500,000. 00 ОБ. Р385,000. 00 Oc. P 475, 000. 00 O d. P 285, 000. 00
SLM #9 Directions. Prepare a single-step Income Statement For the year ended Dec. 31, 2019, at space provided below. Malinao Bakey shows the following data: Sales Revenue 100,000.00 Cost of Good Sold 30,000.00 Utilities Expense 500.00 Salaries 20,000.00 Rent Expense 5,000.00 Advertising 1,500.00 Income tax 1,000.00
Below are accounts were taken from the books of Enrique Hill Cross School Security Services for April. Given the following data. School Security Income P 380,000.00 Salaries Expense P 55,000.00 Rent Expense P 18,000.00 Utility Expense P 12,000.00 Supplies Expense P 10,000.00 Accounts Payable P 25,000.00 How much is the total income of Enrique Hill Cross School Security Services for the month of April? O a. P 38,000.00 O b. P 405,000.00 O c. P 355,000.00 O d. P 380,000.00
Reviewing insurance policies revealed that a single policy was purchased on August 1, for oneyear’s coverage, in the amount of $6,000. There was no previous balance in the Prepaid Insurance account atthat time. Based on the information provided:A. Make the December 31 adjusting journal entry to bring the balances to correct.B. Show the impact that these transactions had.
Fill in the t-accounts for each situation and label each transaction as Deferrals/Prepaid or Accrual. Calculate the adjusted balance and use a Bal. post reference to show the ending balance of each account. 1. Completed services that were paid for six months earlier, $970. The Service Revenue unadjusted balance as of December 31 is $9,100. The Unearned Revenue balance as of December 31 is $8,100. 2. Incurred interest expense of $2,900. 3. A two year insurance policy for $1,320 was purchased on November 1 of the current year. Record the transaction for the year ended December 31.
At December 31, 2018, you obtained the following data relating to supplies. Unadjusted balance in Supplies on December 31, 2018 $ 1,757 Unadjusted balance in Supplies Expense on December 31, 2018 3,477 Supplies on hand, counted on December 31, 2018 588 What amount should be reported on the 2018 income statement as Supplies Expense?
The supplies account had a balance of $1,443 at the beginning of the year and was debited during the year for $3,065, representing the total of supplies purchased during the year. If $2,666 of supplies are on hand at the end of the year, the supplies expense to be reported on the income statement for the year is a.$2,666 b.$1,842 c.$5,731 d.$4,508
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For the month ended September 30, 2021 Statement of Comprehensive Income (SCI) Statement of Financial Position Unadjusted Trial Balance Adjusting Enties Adjusted Trial Balance Adjusting Entries 1 Insurance Expense (SFP) Debit Credit Debit 798,983.00 Credit Debit Debit Credit Credit Debit Credit Debit Credit 500 Cash 500.00 798,483.00 Prepaid Insurance 500 97,500.00 2 Bad Debts Expense Accounts Receivable 975 Allowance for Bad Debts 975.00 Allowance for Bad Debts 975 Merchandise Inventory 3 Supplies Expense 23.000.00 1000 Supplies 4,250.00 1,000.00 Supplies 4 Depreciation Expense Accumulated Depreciation-DE 1000 Prepaid Insurance Delivery Equipment 6,000.00 500.00 2083 250,000.00 2083 Accumulated Depreciation-DE 2,083.00 Accounts Payable 256,000.00 5 Credit Card Fee 500 Sales Tax Payable 2,814.00 Cash 500 Steve Senior, Capital 250.000.00 5058 5058 Steve Senior, Drawing 1,200.00 Income Summary Sales 682,619.00 Advertising Expense 2,100.00 Credit Card Fee Expense 500.00 Insurance Expense…
1. Calculate the following expenses so that they are in monthly figures. Expense Amount ($) Water Electricity Amount ($) 150 114 Billing Period Quarterly Bi-Monthly Monthly Amount ($)

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